Article 22. Management of certain types of conflicts of interest of the Law of the Republic of Kazakhstan On Credit Rating Activities

     1. A credit rating agency carries out the legal and organizational separation of credit rating activities for assigning ratings from other types of activities in order to minimize possible conflicts of interest.

     2. An independent member of the board of directors of a credit rating agency may not be an affiliated person of the rated entity.

     3. An independent member of the board of directors of a credit rating agency may be an independent director for no more than five years.

     4. Employees of the department responsible for approving and reviewing methodologies may not be members of the management bodies of a credit rating agency, rating analysts, as well as persons responsible for commercial and business development (marketing, public relations, conclusion of contracts for the provision of rating services), as well as having access to documentation related to such an activity.

     5. Employees responsible for commercial activities and business development (marketing activities, interaction with the media, conclusion of contracts for the provision of rating services), as well as those with access to documentation related to such activities, are not allowed to participate in meetings of the rating committee.

     6. When a credit rating agency provides several services to one rated person at the same time, this fact is disclosed in the message accompanying the publication of the rating and the rating forecast.

The Law of the Republic of Kazakhstan on Credit Rating Activities  

On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.  

President    

Republic of Kazakhstan     

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